Page 25 - IB FEB 2018

Banking

offers the European touch lenges included
Other chal-
identifying and
Solomon Islands now boasts two branches securing a well-
positioned prop-
erty, with growth
potential, and
then to design
renovation that
will result in a
state of the art
bank, and all this
work being done
while staff were
working in the
premises.
T h o s e t w o
challenges led
them to their
strategy to open
in two phases.
First to refur-
bish only the
Staff members of the new BRED Bank Solomon. Photo: Bred Nank/Facebook east wing of the
building. This
small branch was designed to be open for
ABOUT BRED BANK business and for the work space of their
• BRED Group, is part of the BPCE group employees. The idea was to avoid the
– 2nd banking group in France and long line of customers waiting to open an
part of the top 10 European banking account, whilst they are still fine tuning
By Nanise Volau processes and procedures.
group.
The second stage was to double their
SIX months after successfully expand- • They provide a wide array of services bank branch and allow for future growth
ing its business to Solomon Islands, the ranging from retail and business bank- which is ongoing.
European bank-BRED Bank- will open a ing to corporate banking, private Owen said the bank started to engaged
second branch in Honiara by the end of the banking, asset management, insur- with the local community by sponsoring
year and a third branch in the provinces ance, private equity, FX, derivatives, business awards events and Fashion
in the next 24 months. all kinds of investment and hedging Week.
BRED Bank CEO in Solomon Islands, solutions. These events were designed to promote
Owen Thomson, told Islands Business • About 500 employees of which 25 per entrepreneurship and it was a milestone to
they would now focused on improving the cent are located outside France be able to contribute to the economic life
quality of their services by implementing of the country.
mobile banking through Mobile Applica- • More than 1 million customers and “We have happy customers, satisfied
tion and USSD – banking through text €3.billion (US$3.67b) of Equity. by our building and more important our
messaging service, which has been very satisfying for
“This is very important for us to deliver employs 40 people, has the support of my staff and myself after we have put in
banking service to everyone as most of the Solomon Islands National Provident so much hard work in our many months
population live in remote rural areas with Fund (SINPF), issued home loans, term of preparation,” he added.
no banking access,” Owen said. loans and business overdrafts, able to of- “We will face many more challenges and
He said they would work with NGOs and fer electronic banking services including I strongly believe that our Pacific network
government agencies to promote saving providing ATM cards within 24-hours. is the key stone for our future success.
groups and financial knowledge for the Owen said to set up a bank from scratch “BRED has successfully embrace the
people in Solomons. was not easy as many challenges were Pacific culture of mutual assistance and
With the successful establishment of encountered. understanding of culture difference,”
operations throughout the Pacific (Vanu- “Pacific collaboration was essential in Owen said.
atu, Fiji, New Caledonia and French Poly- the success of this project. With their motto, “building the future
nesia), the BRED Group began operation “We did benefit from the experience together,” BRED Bank is optimistic and
in Solomon Islands in August last year of BRED group, the support of BRED will definitely continue its expansion
with one staff member. By opening day, it Vanuatu and BRED Fiji in terms of process, through the Pacific to bring the best bank-
has installed eight ATMs and opened over suppliers and staff training. ing network to their customers.
830 accounts. “It was definitely a plus to learn from
Building steadily, BRED Bank now their experiences,” Owen explained. r nvolau@gmail.com

Islands Business, February 2018 25